04 December 2023, Mumbai
Recovery Stumbles, Consumers Cautious – Fashion Faces Rocky 2024
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McKinsey report: Slow, uneven global rebound casts doubt on industry's future.
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Pessimistic consumers, inflation squeeze value creation and growth.
Learning from 2023: US, Europe Lag, China Falters
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Performance hinges on adapting to past challenges: weak Western markets, China's slowdown.
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Demand shifts threaten 'bullwhip effect': supply chain instability, job losses, investment delays.
Resilience and Innovation Key to Success
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Fashion must navigate obstacles: create value, find new growth drivers, understand diverse influences.
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Luxury remains profitable, but growth slows to 3-5% (down from 5-7% in 2023).
US Luxury Rebounds Slightly, Optimism in Emerging Markets
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US, Europe cautious, but American luxury to see 2-4% year-on-year growth after a rough 2023.
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India, Southeast Asia offer glimmers of hope with their rapidly expanding fashion industries.
Will fashion weather the storm and find its new rhythm in 2024?.
5 Key Insights :
- Rocky Road Ahead: Uncertain recovery, cautious consumers. (5 words)
- Global Growth Stumbles: Uneven rebound, industry doubts linger. (6 words)
- West Loses Shine: US, Europe lag, China slows down. (5 words)
- Bullwhip Looms: Demand shifts, supply chains at risk. (5 words)
- Innovate or Evaporate: Resilience key, find new drivers, understand trends.
